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Ask The Experts

I’ve read conflicting information about giving your child an allowance. All of my son’s friends get an allowance, but I am not sure if it is the right thing to do or not. -Meghan

Meghan,

I don’t think there is a “right” or “wrong” answer. Regardless of what everyone else is doing, you should do what is right for your family. I do believe that it is very important to communicate openly with young kids about money, in simple terms that they can comprehend. If you do choose to give your child an allowance, I recommend you let him be in charge of spending it and that you are careful to not supplement the allowance too often. This is a great way to teach the relationship between their actions and the positive or negative consequences that follow.